former jupiter and artemis managing director plans to launch uk growth fund in 2005
Former managing director of Jupiter and Artemis Jamie Campbell is returning to the market with an investment boutique called Montague Asset Management.
The group is looking to launch a UK growth fund in the first quarter of 2005 to be run by Bill Roden, a former global emerging markets manager at Axa. More recently he has run UK equity private client portfolios
Roden's team includes Alan Henson, a one-time UK equity income fund manager at City Asset Management and David Jones, previously head of Japanese equities at Sun Life.
The trio of managers are all working for Montague Capital, a private client asset management firm based in Stratford upon Avon. They have been together since 2003 using an investment process designed to provide absolute returns.
Campbell, who takes up the role of managing director for the funds business, is now looking to package this approach via Oeic funds and sell it into the intermediary market. Once the UK growth vehicle is up and running, the next move will be to create a UK equity income product for Henson.
Campbell described the forthcoming Roden portfolio as a core holding and is looking to sell it to the top 100 firms in the discretionary and advisory marketplace, including fund of funds providers.
Roden's fund will aim to generate absolute returns and beat the UK equity market, although Montague has yet to decide the exact benchmark. Roden is to use a multi-cap strategy to try to outperform in all market conditions and has a mid-cap bias. The fund manager team is looking to create portfolios of between 45 and 55 stocks and will move out of equities and into other assets if it considers these will produce greater returns and lower risk. The team is also prepared to move heavily into cash.
Montague will not have a performance fee on the vehicle at launch although it may do so in the future. The charges are yet to be set but are likely to be 5.25% initial and 1.5% annual with commission of 3% initial and 0.5% trail available.
While there have been several investment boutiques launched in recent years, Campbell is confident Montague will be able to differentiate itself from these and carve out its own niche.
He argued most boutiques offer satellite funds in core markets or products that cover niche markets whereas Montague is looking to provide core funds for UK equities.
"We have a very disciplined approach in how to tackle the marketplace and want to be a fairly significant player," said Campbell.
The fund manager team is currently applying for FSA authorisation for Montague Asset Management. Roden originally set up Montague Capital with chairman Julian McGinnity to run the assets of a private family office.
All the managers at Montague have equity in the business and any of them who want to invest in the markets on their own behalf will have to do so via Montague funds or Montague Capital portfolios. This is similar to the policy that existed at Artemis where Campbell was previously managing director.